Transsion bets $40 million, 20 million users to launch payment platform in Nigeria

Following its successful IPO on the Chinese stock exchange where it raised $400 million, Transsion, the parent company of Tecno, Infinix and iTel, has now announced its intentions for Nigeria’s payment space with a $40 million splash on PalmPay, its mobile payment platform.

Apart from Transsion, other investors who participated in the seed round include NetEase, a Chinese Internet technology company and Mediatek, a Taiwanese fabless semiconductor company.

The investment in PalmPay is the second largest seed investment in a startup operating in Nigeria. The first was OPay, another Chinese company owned by Opera which raised $50 million earlier in 2019.

 

Details later…